Mortgage Companies Dallas Texas | Dallas Mortgage Lenders - Berkshire Lending

  Hello! You may not be aware of this but we do allow repair escrows on FHA 203b loans. (203b is the most common FHA loan) Repair escrows are monies that are set aside (out of seller’s proceeds) to make minor repairs on the home purchased after the closing has occurred. I wanted to let you know some of the items that are eligible for repair escrows, and some that are not allowed. These items are eligible for repair escrows: 1) Repair roofs, gutters and downspouts 2) Repair/Replacement/upgrade of existing HVAC systems 3) Repair/Replacement/upgrade of plumbing and electrical systems 4) Repair/Replacement of flooring 5) Painting, both exterior and interior 6) Weatherization, including storm windows and doors, insulation, weather stripping, etc. 7) Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens 8) Minor repair to exterior decks, patios, porches 9) Minor basement waterproofing 10) Minor mold remedia...

  Hello! Did you know there is a 3% down Conventional loan for first time home buyers? Here are some of the important features of this product… 1) Owner-occupied primary residence only. 2) Minimum 620 FICO score. 3) 3% down payment can be a gift. 4) 1-unit attached and detached single family residence, attached and detached PUDs. 5) Purchase and rate/term transactions. 6) No up front MI (like you would have on FHA). 9) Loan amounts up to conforming limits ($647,200 in Texas). This is a great product. If you meet the credit criteria listed above, and you only want to put 3% down on a house — then call us and we can help you with this. That’s it for today! Have a good day today! …and thanks for reading. For more details please visit our website  Berkshire Lending

  Mortgage Hello! If you are  self-employed , and need to get a mortgage to purchase a house, but don’t show a lot of income on your tax returns — here’s an option for you… I wanted to spotlight one of our Alt Doc programs: Alternate Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Paystubs. Bank statement loans. Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income. Variables of Bank Statement loans… 24 months of bank statements. 12 months of bank statements. 2 months of bank statements. 1 Month bank statement. The reason we offer multiple options for months is that sometimes a 12-month average won’t work as well for the borrower as one month. We offer down payments as low as 10% on owner-occupied bank statement programs. We also offer multiple ways of calculating deposits, which is very helpfu...

Hello! Mortgage tip : If you are about to get into the loan process to buy or refinance a house — don’t go out and buy things on credit. It sounds simple, and you would think most people would know this without being told. I have a loan right now where a borrower got himself into trouble from doing just this very thing. There are two possible complications: 1) You have to explain the inquiries on your credit., and 2) It will raise your debt to income ratio if you take on additional credit. So, while you are in the loan process — don’t apply for anything that would involve credit (appliances, lawn equipment, etc.). That’s it for today.

  Tax Issues Hello! If you pay your property taxes apart from your mortgage payment, and you didn’t get them paid by the end of January they are now considered late with the county. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money but had to use it in an emergency. …or any number of other things. 2) Some people   have an escrow account on their mortgage — but their mortgage company didn’t collect properly. This often results in an arrearage… This means your payments go way up until the escrow is caught up. If you are in either one of these situations — there’s usually an easy fix for it. …Refinancing. We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that but usually at a lower rate and payment than they have now. Please l...

  Good Morning! If you have an  FHA loan  that means your mortgage insurance is permanent. It will always be part of your payment. If you feel you have a 20% equity position or better in your property — it’s a good time to refinance into a Conventional loan to get rid of your FHA MI. It’s a great time to do this because Conventional rates are at historical lows right now. The odds are your payment would drop significantly. …or you can keep the same payment and drop the term of your loan to 20 years or 15 years. I f  you would like to see if we can switch you over to a Conventional loan to lower your overall payment — just let us know. We’ll be happy to help you out! That’s it for today! For more details please visit our website:-  Berkshire Lending

  Hello! I wanted to quickly go over the waiting period various l oan programs  have for Foreclosure. FHA — 3 years from completion date. Exceptions with extenuating circumstances are allowed. VA — 2 years from completion date with an automated system refer. Fannie Mae — 7 years from completion date, or if you can get an automated approval sooner, the wait can be less. Freddie Mac — 7 years from completion date, or if you can get an automated approval sooner, the wait can be less. That’s it for today! For more information please visit our website. | Berkshire Lending

  I’ve Touched On This Before, But I Had This Come Up The Other Day, And Thought I Might Touch On It Again. When You Sell A Personal Asset Such As A Car Or Boat To Raise Money For A Down Payment To Buy A House Here Is What You Will Need To Show The Underwriter To Use The Funds… • The Ownership Of The Asset (Proof — Such As A Car Or Boat Title) • The Transfer Of Ownership Of The Asset With Its Sale, Such As A Bill Of Sale Or A Statement From The Purchaser • The Receipt Of The Proceeds Of The Sale, Such As A Deposit Slip, Bank Statement, Or Copy Of The Purchaser’s Check That’s It For Today! For complete blog Please visit our website |  Berkshire Lending

  If you need an Alternative Documentation loan look no further. We have the most robust Alt Doc product offering in the mortgage industry. Alternate Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Pay stubs. Option 1: Bank statement loans. Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income. Variables of Bank Statement loans… 24 Months of bank statements. 12 Months of bank statements. 2 Months of bank statements. 1   Month bank statement. The reason we offer multiple options for months is that sometimes a 12 month average won’t work as good for the borrower as one month. We offer down payments as low as 10% on owner occupied bank statement programs. We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method. Rates on these progr...

  I’ve covered this before, but I think it’s worth repeating… Before you go out house hunting make sure you have enough money available to get your house closed. …I know it sounds simple, but many people don’t realize the amount of funds they will need available to get into a house. Here is a simple breakdown of your out of the out of pocket costs you could expect by loan program. 1) VA: 100% loan. No down payment. 2) USDA: 100% loan. No down payment 3) FHA: Minimum 3.5% down payment. 4) Conven t ional: 5% minimum down payment. (There is also a 97% conventional option for first time home buyers). …but you can expect more out of pocket than just the down payment. There are two other costs you can expect to pay when you purchase a home… 1) One is prepaids. This is pre paid interest, taxes, and insurance. Typically your prepaids will run 1% to 2.5% of a sales price. 2) Then there’s your closing costs… Typically closing costs (from all entities — title, appraisal, mortgage, survey, etc...

  Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan? Not just anyone can give you a gift. Here is the list of acceptable donors that can give you a gift… Relative, Defined As The Borrower’s Spouse, Child Or Other Dependent, Or By Any Other Individual Who Is Related To The Borrower By Blood, Marriage, Adoption, Or Legal Guardianship. Fiancé, Fiancée, Or Domestic Partner O Domestic Partner — An Unrelated Individual Who Shares A Committed Relationship With The Primary Wage Earner, Currently Resides In The Same Household As The Primary Wage Earner, And Intends To Occupy The Security Property With The Primary Wage Earner. The Donor May Not Be Or Have Any Affiliation With The Builder, The Developer, The Real Estate Agent, Or Any Other Interested Party To The Transaction. That’s it for today! For more information please visit our website.  Berkshire Lending

  Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan? Not just anyone can give you a gift. Here is the list of acceptable donors that can give you a gift… Relative, Defined As The Borrower’s Spouse, Child Or Other Dependent, Or By Any Other Individual Who Is Related To The Borrower By Blood, Marriage, Adoption, Or Legal Guardianship. Fiancé, Fiancée, Or Domestic Partner O Domestic Partner — An Unrelated Individual Who Shares A Committed Relationship With The Primary Wage Earner, Currently Resides In The Same Household As The Primary Wage Earner, And Intends To Occupy The Security Property With The Primary Wage Earner. The Donor May Not Be Or Have Any Affiliation With The Builder, The Developer, The Real Estate Agent, Or Any Other Interested Party To The Transaction. That’s it for today! For more information please visit our website.  Berkshire Lending .

  Most loan officers don’t know this loan exists. If you are getting a divorce, and you have to pay your spouse their share of the equity, don’t use a traditional  Texas Home Equity loan  to do it. Use an Owelty loan to get the cash out of your home instead. The advantage of using an Owelty Loan over a Texas Home Equity loan is that we treat them as a regular rate and term refinance (not cash out rates — which are higher). You can also get  a bove 80% of the value of your home with an Owelty Loan, and you can’t go above 80% with a Texas Home Equity loan. So, if you are in this situation, or you know someone who is — and your loan officer has told you that you don’t have enough equity to cash out the ex-spouse, just tell them that you need an Owelty loan. …or, better yet — just give us a call and we can help you! That’s it for today! Visit now for more details. please visit our website.  Berkshire Lending

  If you are wanting to purchase a home, but you aren’t able to qualify now – here’s what you need to do… 1) Isolate The Reason You Can’t Get A Mortgage Now. (We Can Do This For You).   2) Make A Plan To Solve This Problem. If credit is the reason you can’t get a loan now – you need to know exactly where you are now. …and, you need to know where you need to be for a loan. We would like to help you create a plan. I’ve seen many success stories of borrowers that had a plan to follow and did whatever it took to execute that plan. In a matter of a couple of months to six months, they are usually ready for a loan. …not only that. It gives a person confidence and purpose when you have a clear goal, and a plan to achieve that goal. So, contact us and we’ll help create a plan for you. …and the best part is that we do this as a free service to you! That’s it for today! for more information please visit our website. | Berkshire Lending |

  Hello! Here is something to consider if you were thinking about refinancing from a 30-year mortgage to a 15-year mortgage… It takes 19 years and 4 months to pay your principal down by half on a 30-year amortization. Recommended action… If you can handle a slightly higher mortgage payment it’s a smart play to refinance to a 15-year mortgage! If you would like to see if you qualify for a mortgage right now — just contact our office and we’ll be happy to help you. That’s it for today! For more in f ormation please visit our website |  Berkshire Lending  |

Your property tax bill is most likely out by now. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some People Who Have Non Escrowed Loans Just Don’t Have The Money Saved Up To Pay Their Property Taxes. …They Might Have Had The Money, But Had To Use It In An Emergency. …Or Any Number Of Other Things. 2) Some People Have An Escrow Account On Their Mortgage – But Their Mortgage Company Didn’t Collect Properly. This Often Results In An Arrearage… Which Means Your Payments Go Way Up Until The Escrow Is Caught Up. If you are in either one of these situations – there’s usually an easy fix for it. …Refinancing. We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that but usually at a lower rate and payment than they have now. Please let us know if you have more questions about how this refinance works. That’s it for today! For more information ...

Just wanted to let you know we are working on increased maximum Conventional loan amounts of $625,000 in Texas now. This is significant, because you can now use a Conventional loan to purchase a home that would have required a Jumbo loan previously. This means less down payment and lower rates. If you would like to get pricing on a Conventional loan for you, just contact our offices and we’ll get it for you! That’s it for today! For more information please visit our website | Berkshire Lending |

This is the time of year counties are sending their property tax bills out. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money but had to use it in an emergency. …or any number of other things. 2) Some people have an escrow account on their mortgage — but their mortgage company didn’t collect properly. This often results in an arrearage… This means your payments go way up until the escrow is caught up. If you are in either one of these situations — one possible fix is to refinance. We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that but usually at a lower rate and payment than they have now. Please let me know if you have more questions about how this refinance works. That’s it for today! For more information please visit our webs...